Accident Diminished Value claims?

[The Electric Duo]

After failed attempts to recover what I consider a fair diminished value claim after my Mach-E was rear ended last year, I finally got a court date in early May.

I've had a professional appraisal done, but I'm looking for others that have had successful diminished value claims. If you're willing, I'd like to see how much your damage was and how much the claim was settled for. If you don't want to share publicly, feel free to send a private message.

Note: I won't share many details of my case publicly until this has been settled. Once that is done, I'll do a video about the whole long process - the good, the bad, and the ugly.

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[ChuckA]

After failed attempts to recover what I consider a fair diminished value claim after my Mach-E was rear ended last year, I finally got a court date in early May.

I've had a professional appraisal done, but I'm looking for others that have had successful diminished value claims. If you're willing, I'd like to see how much your damage was and how much the claim was settled for. If you don't want to share publicly, feel free to send a private message.

Note: I won't share many details of my case publicly until this has been settled. Once that is done, I'll do a video about the whole long process - the good, the bad, and the ugly.

Have you tried Carvana or Carfax sell estimates reporting 1 accident and then no accidents?

 

[The Electric Duo]

Have you tried Carvana or Carfax sell estimates reporting 1 accident and then no accidents?

I've tried and I get a message like "We need more info, you must have your car seen by one of our professional appraisers."

 

[Nklem]

I heard from another source you take NADA book value and see the difference between clean trade in and average trade in for one accident If two accidents, you take clean trade in to rough trade in….thats the way one insurance company evaluates it.

 

[Scooby24]

I have a spreadsheet my wife shared with me that they use in the insurance world. I'll look for it.

 

[The Electric Duo]

I have a spreadsheet my wife shared with me that they use in the insurance world. I'll look for it.

That would be great!

 

[Scooby24]

Plug in NADA value, take 10% of that, then apply multipliers (modifiers) to get what an insurance company is likely to use by default.

 

[MachEnation]

I settled with my insurance company on a DV claim (NOT on a Mach E) so my experience is probably less helpful. For a court date, I’m sure you’ll want your damages tight + check your state law.

All I did was provide an online CARMAX and KBB appraisal on my car WITH the accident, compared to the much higher KBB value + listings of other identical vehicles for sale locally WITHOUT an accident. I demanded the difference between the two. That was enough evidence for my claim. Might not have been the best approach, but it put money in my pocket for not a ton of extra work.

 

[Earplug]

I gave up on my DV claim. The other party was out of insurance coverage money after paying for the damage. They also have to money or assets. Their insurance company ghosted me. Colorado Dept of Insurance told me that there is nothing in State Law that can compel the insurance company. So, even if I sued the other party and won, there would be nothing to collect.

 

[The Electric Duo]

I gave up on my DV claim. The other party was out of insurance coverage money after paying for the damage. They also have to money or assets. Their insurance company ghosted me. Colorado Dept of Insurance told me that there is nothing in State Lay that can compel the insurance company. So, even if I sued the other party and won, there would be nothing to collect.

Yikes, and I'm in Colorado as well.

 

[Earplug]

Yikes, and I'm in Colorado as well.

I assume you are suing the person not the insurance company. Their insurance may or may not defend them. Just because you win the case you still need to collect and that is a separate issue.

 

[The Electric Duo]

I assume you are suing the person not the insurance company. Their insurance may or may not defend them. Just because you win the case you still need to collect and that is a separate issue.

The one advisor I had about this said to sue the driver and the driver should be able to require the insurance company to cover this. He was a diminished value expert, but not on the particulars in Colorado.

 

[Earplug]

The one advisor I had about this said to sue the driver and the driver should be able to require the insurance company to cover this. He was a diminished value expert, but not on the particulars in Colorado.

This is how it supposed to work. However, the Colorado minimum liability coverage is only $15,000. If that was used up by the repair I don't know what the insurance company is required to do.

 

[ChuckA]

I've tried and I get a message like "We need more info, you must have your car seen by one of our professional appraisers."

Maybe get purchase quotes on an MME with same accessories and mileage. That should provide a replacement cost and for you to compare it to your appraisal.

 

[benk016]

I had a lady hit me in my 2019 Edge a few years back. The car was 6 months old at the time of the accident. Damage was about $3300. Her Insurance was geico, and they initially offered me $450 in DV.

I used a similar worksheet posted above, and it came out to a DV of $1485. The told me they couldn't use those worksheets directly anymore and we basically started negotiating. And I finally accepted a DV of $1000. It was about 6 months after the accident and all the damage was repaired, and everyone paid that they finally started working on the DV part.

Although at one point, I took that same car to CarMax to get an estimate before I traded in for the FE I bought last year, and the full carmax report actually listed the amount they knocked off due to prior accident, and it was about $2200 if I remember correctly. So I probably could have gotten more if I had something like that, but in the end, it was basically just a negotiation between me and the adjuster.

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